Over Mileage Fees

[LuvMyFam]

Hello, wife has 7 months to go on her 3 year lease, but just hit 34,000 miles of the allotted
36k miles. Should we put money aside to pay overage fees when we turn in the car at the end of the lease, or go another route? Not sure how this all works. Looking for any advice / suggestions. Thanks for your time

[art11]

What car is it and what do you want to do with the car? Do you want to keep the car come lease end or do you want to move onto something else?

[LuvMyFam]

Hi Art,

We’ve got a Pilot, and will prob turn it in for another new Honda or something from their used lot.

[beardogchild]

I would suggest seeing what your buyout on the Pilot is. You’re probably going to spend less doing that than buying a different used Honda. Good luck.

[art11]

Was it leased under Honda Financial? Since it seems like you already want to return to vehicle at lease end, it doesn’t really hurt to try and see the value of your Pilot at the moment and see just how much you are upside down. To do this, we’ll need to know what the buy out price of your Pilot would be.

If memory serves, I think Honda lease buyouts require you to call in to Honda Financial to ask for the current buy out price for it. Find out this number, then get your Pilot appraised at the dealer to see what kind of offer they will give for it, I would also reach out to a broker or two here that works with Honda dealers to see if they can buy it out as Honda Financial AFAIK currently does not allow third parties to purchase their vehicles. EQUITYHACKR | LEASEHACKR if you need an example.

Once you have these numbers then you can decide if you want to dump the Pilot or start saving for overage fees and roll the dice again (ask for buyout quotes) when your lease matures in 7 months.

Or just post here and ask:

“Should I buy out my lease?” super-thread

I am currently coming to an end on my Mercedes GLB lease and am debating on buying out the car vs. rolling into another GLB lease. My lease ends Sept 1. Current lease payment is $644 (AFTER tax, includes prepaid service, Zurich shield, and wheel/tire plus). Paid $4000 down at signing (this was my first lease). This was a 36mo 15000mi per year lease. Vehicle price was $41900. Residual is $26755. The payoff quote for the lease end is $29130 after taxes and fees. When discussing buying the car. T…

[max_g]

The best course of action for you IMO

1. Set aside money to finance a brand new Pilot. Shop around for the longest Honda warranty (8/125k I believe), and see if the dealer selling the Pilot can match or beat it. Own it for 7-8 years.

2. Maximize whatever equity exists in your leased Pilot.

Inflated used car prices mean it’s a terrible time to buy late-model used cars. You may get lucky with some positive equity or $0 due at lease end due to this inflation, but do not make a habit leasing brand new cars every 3 years and paying $$$$ for excess miles and excess wear.

[LeaserOC]

First step is to start getting quotes to see what the car is worth vs your current payoff. If it’s worth more than your payoff then you’re lighting money on fire by returning it at lease end.